BCP Invests More Than $650M to Modernize its IT Infrastructure with Microsoft and Kyndryl

Rhea-AI Summary

Banco de Crédito del Perú (BCP) has partnered with Microsoft and Kyndryl to invest over $650M in modernizing its IT infrastructure with hybrid cloud technology on Azure. This initiative aims to enhance BCP's digital customer experience and maintain top-tier cybersecurity, representing one of the largest tech investments in Latin America's financial sector. BCP's CEO, Diego Cavero, emphasized that this digitalization effort will improve financial inclusion in Peru. Mario Rodríguez from Microsoft highlighted the collaboration's potential to drive innovation and support small businesses. The project will improve BCP's digital channels, benefiting millions of customers with smoother online and mobile experiences. Currently, 72% of BCP's customers are digital, with its mobile banking and Yape applications being the most used in Peru.

Positive

• BCP invests over $650M in IT modernization with Microsoft and Kyndryl.
• One of the largest tech investments in Latin America's financial sector.
• Aims to enhance digital customer experience and cybersecurity.
• Supports financial inclusion and innovation in Peru.
• 72% of BCP's customers are digital.

Negative

• None.

• Kyndryl to help enhance BCP's digital customer experience with hybrid cloud on Azure and help to maintain world-class levels of cybersecurity
• One of the largest technology investments in Latin America's financial sector designed to encourage consumer banking and expand financial inclusion in Peru

LIMA, Peru, Nov. 11, 2024 /PRNewswire/ -- Banco de Crédito del Perú (BCP) has partnered with Microsoft, a leader in cloud solutions, and Kyndryl, a global leader in IT infrastructure services, to modernize BCP's IT systems with hybrid cloud and help Peruvians gain greater access to digital banking services. This agreement represents BCP's investment of more than $650M over five years, making it one of the largest technology investments in Latin America's financial services sector.

"Our purpose is to serve as allies to our customers to help them transform their plans into reality, understanding that financial inclusion provides opportunities for growth. Digitalization can help close the gap, and so BCP, together with Microsoft and Kyndryl, will modernize our technological systems to achieve more agile and flexible applications with world-class levels of stability and security, allowing us to offer a better experience for millions of our customers," said Diego Cavero, CEO of BCP.

Mario Rodríguez, Microsoft´s general manager for Peru, stressed that the joint work between BCP, Microsoft and Kyndryl will transform the country´s financial industry. "This collaboration will not only modernize the sector, but will also create an innovation platform that will drive disruptive projects through artificial intelligence. This will benefit entrepreneurs and small business owners by facilitating access to essential financial services and promoting sustainable growth. Together, we are positioning Peru as a leader in technological innovation at a global scale."

As part of this agreement, BCP will work with Kyndryl and leverage Microsoft Azure to create a hybrid computing environment that will enable the modernization of the bank's IT application environment and improve the agility and availability of its digital channels, generating greater value for the end customer who will benefit from a smoother and faster online and mobile experience.

"The banking sector is rapidly evolving to meet consumer demands and preferences for an improved digital experience. While invisible to the public eye, a modern, agile and robust IT infrastructure is absolutely critical to creating a resilient and accessible experience for today's consumers," said Leandro Peirano, Managing Director, Kyndryl Peru. "We are honored to support BCP in defining its IT modernization strategy and collaborating with Microsoft to bring the bank's vision to life."

This milestone reaffirms BCP's commitment to continue leading digital banking in Peru. Currently, BCP's mobile banking and Yape are the most used banking applications and digital wallets in the country. 72% of BCP's customers are digital and more than 16 million Yape users in Peru use the application at least once a day, reaching 27 million daily transactions on average.

About BCP
Banco de Crédito del Perú is the largest and oldest financial institution in Peru, with a history that dates back 135 years, in 1889. Throughout this time, it has been recognized for its business strength and leadership in the Peruvian market, standing out for its focus on innovation and digitalization. BCP offers a wide range of financial products and services, through which it seeks to be an ally of its customers, collaborators and country so that they can transform their plans into reality. For more information, please visit: https://www.viabcp.com/.

About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) builds AI-powered platforms and tools to deliver innovative solutions that meet the evolving needs of our customers. The tech company is committed to making AI widely available, responsibly, with a mission to empower every person and every organization on the planet to achieve more. For more information, visit www.microsoft.com 

About Kyndryl
Kyndryl (NYSE: KD) is the world's largest IT infrastructure services provider, serving thousands of enterprise customers in more than 60 countries. The company designs, builds, manages, and modernizes the complex, mission-critical information systems that the world relies on every day. For more information, visit www.kyndryl.com.

Press Contacts
For BCP: claudiaespinozad@bcp.com.pe
For Microsoft: sylvie.duchamp@microsoft.com
For Kyndryl: Johanna.eunice.fernandez.borrero@kyndryl.com  

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SOURCE Kyndryl

FAQ

What is the amount BCP is investing in IT modernization?

BCP is investing over $650M in IT modernization.

Who are BCP's partners in this IT modernization initiative?

BCP's partners are Microsoft and Kyndryl.

What are the main objectives of BCP's IT modernization?

The main objectives are to enhance the digital customer experience and maintain top-tier cybersecurity.

How will BCP's IT modernization impact its customers?

It will improve the agility and availability of digital channels, offering smoother online and mobile experiences.

What percentage of BCP's customers are digital?

72% of BCP's customers are digital.